Speaker 1: The bulls are back in control as bitcoin hits seventy
Speaker 1: thousand dollars. I want to share the charts with you
Speaker 1: and what I'm seeing, as well as some very interesting
Speaker 1: price predictions from the Wall Street crowd and institutions. And
Speaker 1: Gary Ginser gets asked about losing his job after the election,
Speaker 1: and I want to share the answer with you. In addition,
Speaker 1: the crypto industry sends a whole bunch of Amikis briefs
Speaker 1: in different crypto cases today. I think they sense Ginster
Speaker 1: is going to be out, so they are punching back.
Speaker 1: I'll share the details. Let's get into it. Hey, everybody,
Speaker 1: welcome into the Thinking Crypto podcast. You're home for cryptocurrency
Speaker 1: news and interviews. I'm your host, Tony Edward. On your
Speaker 1: way in. Please let that subscribe button as well as
Speaker 1: the thumbs up button and leave a comment below. If
Speaker 1: you're listening on a podcast platform such as Spotify or Apple,
Speaker 1: please leave a five star reading and review. Folks, we've
Speaker 1: got to talk about bitcoin. It touched seventy k once again.
Speaker 1: We're waiting for a full breakout through seventy k to
Speaker 1: surpass seventy one ks. But as I've been sharing with
Speaker 1: you guys. We are seeing higher highs and higher lows
Speaker 1: being set up here on this chart. It's looking bullish. Now,
Speaker 1: there's no guarantees, there's no certainties. We don't have a
Speaker 1: crystal ball, black swan events can happen and so forth.
Speaker 1: But if everything goes according to plan, this thing could
Speaker 1: move up this week, breaking through seventy one seventy two K,
Speaker 1: which will be very bullish. That will be some key
Speaker 1: resistance levels that it will be breaking through, and then
Speaker 1: Bitcoin can enter into price discovery and of course the
Speaker 1: liquidity will start flowing to the all coins. So guys,
Speaker 1: things are looking really good here. From the dxy standpoint,
Speaker 1: the dxy overbought, it's about to collapse. This is not
Speaker 1: a sustainable zone for it to be in. This will
Speaker 1: help bitcoin and risk assets to pump. So very very bullish,
Speaker 1: and as I've been telling you guys, once the elections
Speaker 1: out of the way, a lot of uncertainty will be
Speaker 1: removed and it's going to be very good for the markets.
Speaker 1: We've seen this historically no matter who becomes president. Bitcoin
Speaker 1: is not correlated to the Republicans that are debamocrats. It's
Speaker 1: correlated to money printing, to the basement of currency global liquidity.
Speaker 1: And we've seen bitcoin pump on their Obama, on their
Speaker 1: Trump under Biden, and if Trump gets in to office
Speaker 1: now or Kamala Harris, whoever, it will pump again. So
Speaker 1: it's not correlated to those things. Now, I do want
Speaker 1: a caveat by saying that Donald Trump would be better
Speaker 1: for crypto businesses in the United States because he has
Speaker 1: a clear agenda. He wants to kick out Gary Genser
Speaker 1: and so forth. So let's keep it real, right, But
Speaker 1: from a asset price standpoint, it is it doesn't matter
Speaker 1: who becomes president. They both run the money printer. If
Speaker 1: you understand these things and you're not totally gaslighted by
Speaker 1: political talking points, and you understand the factors and the
Speaker 1: fundamentals behind markets, you understand what I'm saying. So we
Speaker 1: are seeing a very bullish setup here, folks, and I'm
Speaker 1: very excited to see what happens in the coming weeks. Now,
Speaker 1: we got some additional details about that university called Emery,
Speaker 1: which had bought fifteen million dollars in bitcoin. Eric Belch,
Speaker 1: who's a senior ETF analyst at Bloomberg, said Emory University
Speaker 1: reported fifteen point eight million dollars worth of bitcoin, the
Speaker 1: first endowment to report a spot Bitcoin ETF position. With that,
Speaker 1: every institution type is now represented in the Bitcoin ETF
Speaker 1: thirteen F filings, endowments, banks, hedge funds, insurance companies, advisors, pensions,
Speaker 1: pe holding co vcs, trust, family offices, brokerages, so they
Speaker 1: all have exposure to the Bitcoin ETFs, folks, And he said,
Speaker 1: absolutely insane feet for category that is less than a
Speaker 1: year old, akin to winning all four tennis Grand Slams
Speaker 1: before this sixteenth birthday. Folks. There is incredible demand for bitcoin.
Speaker 1: And wait till we have more ETFs around all coins
Speaker 1: and the market is educated about those all coins and
Speaker 1: what they do and so forth right, I think we
Speaker 1: have to give that some time. You see the ether METF,
Speaker 1: while it has been a success, it's not as successful
Speaker 1: as Bitcoin because Bitcoin has the brand, it's well known,
Speaker 1: and it has a very strong use case of being
Speaker 1: a hedge against the the basement of currency. Now, he says,
Speaker 1: here the BTC and this is the ticker symbol for
Speaker 1: greyscale quietly moving up in the charts now in the
Speaker 1: sixth place and nipping at bitb's heels. That's a black
Speaker 1: Rocks Bitcoin ETF all told Grayscale now has a positive
Speaker 1: netflows in the past few months as a company in
Speaker 1: this category. There's a long history of ETFs of this
Speaker 1: low cost mini me move working, and it worked again.
Speaker 1: So we are seeing a lot of buying, a lot
Speaker 1: of liquidity and the charts aligning. And I think the
Speaker 1: folks on Wall Street recognized this. And here Van X
Speaker 1: Matthew Siegel, who had on the podcast earlier this year.
Speaker 1: He went on CNBC and made a statement about his
Speaker 1: price prediction for bitcoin at three million dollars by twenty fifty.
Speaker 1: Let me play a clip for you.
Speaker 2: We have a model that assumes that by twenty fifty,
Speaker 2: this is very long term, that bitcoin becomes a reserve
Speaker 2: asset that's used in global trade and held by global
Speaker 2: central banks at a very modest two percent weight, and
Speaker 2: in that model, we arrive at a three million dollar
Speaker 2: price target for bitcoin. Now that sounds, you know, extreme,
Speaker 2: but that's a sixteen percent compound annual growth rate for
Speaker 2: a couple of decades. You know, that's not really that extreme.
Speaker 2: So into the millions over the medium term is a
Speaker 2: high conviction call.
Speaker 1: Okay, So he's basing his thesis that bitcoin will become
Speaker 1: a global reserve asset by twenty fifty. Now, if it
Speaker 1: does indeed become that, definitely three million is not off
Speaker 1: the table when you think about the supply demand economics,
Speaker 1: the hardcap in the supply, and bitcoin becoming this acid
Speaker 1: that's being held by central banks and so forth. I
Speaker 1: think this is a very good prediction, and the timeline
Speaker 1: is realistic versus him saying, you know, next two years
Speaker 1: three million dollars, that would be ridiculous, right, So I
Speaker 1: think this is this definitely makes sense. This is why
Speaker 1: there's some bitcoin I'm holding. I'm never selling, I'm just
Speaker 1: keeping it now. The majority of it I will be
Speaker 1: using the cycles take profits, right, I've told you guys
Speaker 1: my strategy. Take some of that money and reinvested in
Speaker 1: bitcoin and all coins in the bloody bear market when
Speaker 1: everybody's scared again, and then taking some of that money
Speaker 1: you pay off debt and then other profits now and
Speaker 1: to pay off debt and then spend some of it.
Speaker 1: Of course, you know some lifestyle chips. So very interesting
Speaker 1: price prediction here from Matthew and here Howard Lutnick, CEO
Speaker 1: of Cantor Fitzgerald, which is a major Wall Street firm.
Speaker 1: Howard is of course part of Donald Trump's transition team,
Speaker 1: and he was at the Bitcoin conference. He's bullish and
Speaker 1: let me play the clip for you what he had
Speaker 1: to say. He was interviewed on the Anthony Pompleano podcast.
Speaker 2: Have hundreds of millions of dollars okay, okay, hundreds and
Speaker 2: hundreds of millions of dollars exposure to bitcoin and it
Speaker 2: will be billions.
Speaker 1: So big statements coming from a billionaire and head of
Speaker 1: a major Wall Street firm saying he owns hundreds and
Speaker 1: hundreds of millions of dollars in coin and it will
Speaker 1: eventually grow to billions. Now, the other thing you may
Speaker 1: have heard Howard say is about Tether that they have
Speaker 1: the reserves. He said this at Davos at the beginning
Speaker 1: of twenty twenty four, and he said that a cancer
Speaker 1: has done the auditing of the reserves of Tether. So
Speaker 1: you're seeing some of the biggest players in the world
Speaker 1: on Wall Street and so forth just getting involved in crypto. Guys.
Speaker 1: It's pretty amazing. Now a great place where you can
Speaker 1: buy bitcoin and all the top all coins is on Uphold.
Speaker 1: This is a platform I've used since twenty eighteen. They
Speaker 1: have three hundred plus cryptocurrencies on the platform. It's a
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Speaker 1: Scumbag regulator Gary Genser was interviewed at Money twenty twenty
Speaker 1: and the question was asked will he be replaced or
Speaker 1: is he afraid he might be replaced after the election
Speaker 1: next week? He said, I sleep fine at night. Gary's out.
Speaker 1: He is out, and I think even if Kamala Harris wins,
Speaker 1: their team has said they're gonna kick him out because
Speaker 1: look already the Democrats in the House and the Senate
Speaker 1: have turned on him and Elizabeth Warren. So the jig
Speaker 1: is up, right, him and Elizabeth Warren are on an
Speaker 1: island by himself. So this guy can't be gone soon enough.
Speaker 1: But the thing is, you know what's going to happen, right,
Speaker 1: He's the Wall Street rat that's running through these government agencies.
Speaker 1: Remember he was at the CFTC back in like two
Speaker 1: thousand and eight, ten, nine, ten, and so forth, and
Speaker 1: he was called out for you know, crap that he
Speaker 1: did then, and then later on he got the SEC job. Right,
Speaker 1: So watch that he watched, Watch him disappear for a
Speaker 1: couple of years, and then all of a sudden he
Speaker 1: gets a nice maybe the Treasury jobs that he covets
Speaker 1: so much. He wants to take Yellen's place, right, But
Speaker 1: this guy's pathetic, man. I hope he doesn't get another
Speaker 1: government job. He's a scumback for sure. Now the crypto industry,
Speaker 1: all of a sudden, today, guys, we've got a bunch
Speaker 1: of Amikus briefs being filed in some of these different
Speaker 1: crypto lawsuits against the SEC. I think these crypto companies
Speaker 1: sense the weakness they see the political change that's coming up,
Speaker 1: and it's a smart move to do this now. So
Speaker 1: the Crypto Council for Innovation and the Blockchain Association are
Speaker 1: stepping up to support BIBA and the DeFi Fund challenging
Speaker 1: the SEC. So this has to do with ear drops, right,
Speaker 1: the SEC trying to say that air crypto air drops,
Speaker 1: if you got him for free, are securities. That's nonsense.
Speaker 1: They said, Today we file a joint Amikis brief to
Speaker 1: argue that air drop tokens are not investment contracts and
Speaker 1: don't qualify as security offerings. And they're not the only
Speaker 1: ones because Coinbase also jumped in with it, saying today
Speaker 1: Coinbase file and a meek Us brief on behalf of
Speaker 1: the Beta Collection and the DeFi Education Fund to stop
Speaker 1: the destructive regulation by enforcement campaign waged by the SEC
Speaker 1: against law binding American companies. Most destructive of all is
Speaker 1: that the SEC itself can't even make up their mind
Speaker 1: about they claim the law what they claim the law is.
Speaker 1: So I don't Once again, I don't think this is
Speaker 1: by coincidence. The timing I think is smart on their part. Now,
Speaker 1: final news item here and not so good a news
Speaker 1: item it's about Solana's phantom wallet. So Solana's phantom wallet
Speaker 1: faces downtime causing inaccurate account balances for users during anticipated
Speaker 1: grass air drop. So that's not good. We can't have
Speaker 1: these things if we want the next billion users coming in.
Speaker 1: So Solana has had a lot of issues, a lot
Speaker 1: of downtime. Now, to be fair, they haven't the blockchain
Speaker 1: itself has not had any downtime in the recent months.
Speaker 1: Well I should say, I shouldn't say recent months. I
Speaker 1: think in maybe about eight to ten months, which is
Speaker 1: a good thing, right, But the fact that your biggest wallet, Phantom,
Speaker 1: is experiencing downtime, that's not good. So hopefully they're able
Speaker 1: to resolve these things. But they said the issues were
Speaker 1: quickly resolve, but still not good, you know. And don't
Speaker 1: get me wrong, things can happen from time to time,
Speaker 1: but there just seems to be a lot of downtime
Speaker 1: that follows Solana. And while it has incredible speed, you know,
Speaker 1: are they sacrificing performance and latency because they're trying to
Speaker 1: be super fast? Right again, you got to find a balance.
Speaker 1: So I don't know how many of you use the
Speaker 1: phantom wallet. I've used it, in the past. I don't
Speaker 1: use it on a day to day basis, so I
Speaker 1: didn't even know this happened until I read the news.
Speaker 1: So let me know if you guys, you know, experience
Speaker 1: the downtime. But this is not good for sure. And look,
Speaker 1: I know that there has to be further iteration and
Speaker 1: development from these different blockchain companies and so forth, so
Speaker 1: we'll get there. But Solana just seems to have a
Speaker 1: lot of these And I interviewed somebody from the Salana
Speaker 1: Foundation recently and we talked about this. So look, as
Speaker 1: long as it's maybe not a detrimental downtime if it
Speaker 1: went down for like five minutes, okay, but if it's
Speaker 1: down for hours and days or whatever, that's come on, right,
Speaker 1: we can't have that anyway. Guys, let me know what
Speaker 1: you think. Leave your thoughts and comments below, hit the
Speaker 1: thumbs up button, and please support me by subscribing to
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Speaker 1: of my book, Rethinking Crypto. It's available on Amazon and
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Speaker 1: thank you so much. I appreciate you all, and I'll
Speaker 1: talk to you all later. The T Take eight to
Speaker 1: T